Michael Kors Climbs On Q1 Beat, Full-Year Forecast

By Teresa Rivas

This morning, the upscale accessories maker said it earned $125 million, or 61 cents a share, up from $68.6 million, or 34 cents a share, in the year-ago period. Revenue rose 55% to $640.9 million.

Analysts were expecting Kors to earn 50 cents a share on $574.82 million in revenue.

In addition, the company said that it now sees full-year earnings per share in a range of $2.67 to $2.69 on revenue of $2.8 billion to $2.9 billion. That’s up from a previous estimate of per-share earnings between $2.43 and $2.47 on revenue of $2.65 billion to $2.75 billion. The Street is modeling for earnings per share of $2.60 on sales of $2.86 billion.

In the quarter, gross margin widened to 62% from 60.5%. Same-store sales jumped 27% and the company is also expanding quickly, as it added 75 new locations since the first quarter of 2012, pushing up total retail sales 52%. North American same-store sales rose 25%, while in Europe same-store sales soared 56%.

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